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The Financial Reporting Council of Nigeria (FRC) says the 2020 Audit Regulation exposure draft is expected to provide increased transparency for investors and other stakeholders as well as re-establish the much-needed trust in the audit profession.
Delivering a keynote address titled; A Strategic Assessment of Financial Reporting Council’s Draft Audit Regulation during a webinar organised by Crown Height Consulting Services, Executive Secretary, FRC, Daniel Asapokhai, said, the application of the 2020 audit regulation is expected to be a source of concern to many at this auspicious time with the controversy being generated with CAMA 2020 but noted that the two pieces of legislations are intended to promote trade and investments in Nigeria.
Asapokhai, who was represented by the Deputy Director/Head, Directorate of Accounting Standards Public Sector, at FRC, Dr Iheanyi Anyahara, commended President Muhammadu Buhari for the review, while adding that audit regulation is applicable in the Federal Republic of Nigeria and regulates all statutory Auditors, other assurance providers and audit committees.
He revealed that the draft audit regulation document has since been exposed for comments by the Council and the comment period will remain open until September 25, 2020.
According to him, the audit regulation is an enabler for re-establishing the much-needed trust in the audit profession. He said: “There is, therefore, a clarion call for strict compliance with the regulation by all concerned. This will orchestrate the need for a re-evaluation of remuneration structures; board level expertise and training; risk management, sustainability, etc.
With the ongoing pandemic, this regulation, providing increased transparency for investors and other stakeholders, are expected to be in high demand. However, assurance by independent qualified professionals to enhance the credibility of corporate reporting will need to be pursued with vigour by all affected stakeholders”
Speaking further, Asapokhai, said: “Great civilizations are built with huge capital which in turn requires the certainty that the discipline and integrity of responsible accounting delivers. Responsible audit regulation will strengthen the market to attract more patient capital from the global market. It is our societal duty and privilege to do what we are doing today”.
